New Product Launch Marketing Plan, Part II Essay Example for Free

New Product Launch Marketing Plan, Part II tryThe following is the import part to the iNKtopia mathematical product launch plan. The second part of the market plan harps of a detailed tar nark market profile, including buying behaviors, decision motivators, and organizational bearing markets. The plan also includes step to manage each stage of the product life cycle and tactical plans for the Four Ps. Finally, the second part of the marketing plan expands on the product offering expressed in part hotshot and a new position statement to drive iNKtopias positioning strategy. Market ProfileThe delineate target market profile of the consumer group that the company needs to market to is easily defined in the region but c all overs many different business groups. The target market for iNKtopias pass on be concentrated at first in the region centrally located geographically to the main installment of iNKtopia. This will allow easy access by potential guests to iNKtopia for convenience of use. Being located in the business district also allows iNKtopia to offer pickup and hold openy of larger orders directly to the node.The availability of an established customer base already using the product that iNKtopia has to offer has advantages and disadvantages. Most small businesses in the playing field use crossers in everything from cash registers to small desk computers in the business work place. Most sign purchases be acquired by making a trip to the local office supply where house taking by valuable time from work that could be used for other much important tasks than driving to the butt in and buying ink. The availability of iNKtopias on sire delivery can be used an likeable time and hail saver when presented to the business owners.Larger businesses usually have a local make with a local supply where house that delivers directly to the business. Selling the local angle at start place rates with a personal touch would process make inroads into larger businesses (gunter, 2013). Product Life pedal The first phase of iNKtopias product life cycle is the introduction phase. The introduction phase is a period of time of slow gross r tear downue growth as the product is introduced in the market. Profits are lacking because of the heavy expenses of product introduction (Kotler Keller, 2012, p. 310).iNKtopia will provide ink refilling go to consumers at a more commonsensical price and providing quality renovation with a degree of options to meet customer needs. In this phase iNKtopia will focus on providing a quality product that is cheap to manufacture to help offset startup cost. During this phase, iNKtopia will go with a set strategy that will keep the product price low to attract many new customers to the products and services. This is contrary to a pricing strategy that will price the products higher to help recoup start-up cost.INKtopia is focused on providing high quality low cost products and services to its customers. This phase will be critical to the success of iNKtopia because the ink refilling service is a brick and mortar establishment that enables customers to walk-in and refill ink mags of all different types at a reasonable price. The products and services that iNKtopia will provide will only be available in iNKtopia stores which will pee a greater need to use great promotions, print ads, and television ads to spread the word about(predicate) the next big thing in ink.Growth Phase The growth phase is a period of rapid market acceptance and substantial profit improvement (Kotler Keller, 2012, p. 310). In the growth phase the sales and profits of iNKtopia products will start to rise. During this phase iNKtopia will keep the product price the same to allow advantage on earnings made from the new product while ensuring product quality preserved. During this Phase iNKtopia moldiness expand the products distribution during the growth stage. To achieve product distribution the c ompany can start to deliver services to local business.This will create an option for consumers to avoid the elicit of going out to get ink by having iNKtopia bring the ink to the business. During this Phase iNKtopia will increase advertising on television, print ads, and provide discounts and incentives to customers that want the ink delivered. The increase of advertising will continue to help the company grow, expand, and bod a larger consumer base. Maturity Phase The maturity Phase will create a slowdown in sales growth because the product has achieved acceptance by most potential buyers (Kotler Keller, 2012, p. 310).As iNKtopias profits become stable or deteriorate because of an increase in competition the company mustiness look to diversify. If the company is successful up to this point the product will unavoidably lead to more competition. Competitors will eventually start introducing similar products, or larger ink companies may simply subvert the price of their ink. Th erefore iNKtopia will need to diversify or develop new products, services, or scorn costs to distinguish iNKtopias products from the competitors. Ideally, iNKtopia can enhance customer services and its image to become a leader in the ink sedulousness.This could also be coupled with a heighten in the pricing strategy by slightly displaceing the cost of iNKtopia products. However, iNKtopia will strive to create superior customer service and innovation of the ink business to hopefully create additional sales and attract even more customers. Another promotional idea would be to focus on the environmental aspects of refilling cartages with iNKtopia ink instead of buying a new cartage each time a printer runs out of ink. The company can then focus advertisements on superior customer service and environmental benefits of purchasing product from the iNKtopia.Decline Phase The decline phase is when sales show a downward front and profits erode (Kotler Keller, 2012, p. 310). Demand for iNKtopia products will in the long run diminish as newer technologies change how documents are viewed. From this time, iNKtopia is limited on options because ink may no longer be the primary fountain for document printing. INKtopia will have the choice to keep the product and sell it at greatly lower price or to terminate the product and transition to the new printing source.In this specific industry if ink is phased out there is really no way to continue increasing sales because purpose a new use for ink is unlikely. It would be ideal to focus on the innovation that engineering science brings and ultimately move away from ink. The company can focus promotion on other products and services that the company may offer. Product Mix The iNKtopia product mix consists of several different products and services. take to 1 below shows the width and length of the iNKtopia poduct mix. Figure 1. Product Mix Width and Length for iNKtopia. Cartridge RefillsFeatures lavishly quality ink for the top 10 printer companies in the world. iNKtopia can refill the existing cartridge within 24 hours of drop-off. In most slip of papers, a substitution cartridge will be disposed as a complimentary service to customers. Benefits Fast and convenient service. The complimentary cartridge swap assists customers with minimal down-time. Recycled Cartridge Sales Features The sale of recycled and refilled ink cartridges for the top 10 printer companies. The cartridges will look note new and perform at the same level as a new cartridge.Benefits By reselling recycled ink cartridges, iNKtopia is decreasing the footprint of wasted materials and lowering the cost of goods on to the customer. Customers will rest assured versed they have a quality product that has saved waste and decreased costs. Contract Ink advantage Features Convenient and on-time ink refilling services. iNKtopia will come to the business location, remove ink cartridges, refill them, and put in them in the printers. Qu antity of refills per month will depend on the wince service signed. Benefits This service takes the business organization out of running out of ink.Once a cartridge is out of ink a unbiased ph whizz call or email will dispatch an ink specialist within 4 business hours. The contract service enables companies to plan for ink costs and not worry about the hassle of ordering and replacing ink cartridges. This service is also cheaper than a traditional ink cartridge replacement and is better for the environment. Contract Printer Service Features Convenient and on-time printer maintenance and repair services. Every service plan includes preventative maintenance service to help reduce future downtime for printing equipment.Depending on the contract service, a specified amount of time for repair will be available each month. Benefits By purchasing a printer service plan, companies can save money per hour of labor. These plans also take the worry from broken equipment because a printer t echnician will be onsite within 4 business hours of a service call or email. Branding The branding of iNKtopia begins with the companys name. The name is a confederacy of the major service ink and topia which means place. It also reminds consumers of the concept of a utopia which many people associated as an ideal or perfect place.The name is catchy and identifies the business. The branded name is also used as a symbol on packaging for ink cartridges and shipped boxes. The company graphic is shown below in Figure 2. Figure 2. iNKtopia Logo. Differentiating Characteristics Unlike most ink refilling services, iNKtopia provides a one for one swap of cartridges to decrease customer downtime. Packaging and Labeling Every refilled cartridge will be shrink-wrapped to maintain cleanliness standards. The packaging will consist of iNKtopia graphics and information.Most refilling companies refill cartridges and give them back to the customer. This causes the business to miss a marketing oppo rtunity. By shrink-wrapping the cartridge iNKtopia is able to label the product. The label can serve several purposes, including identifying, grading, describing, and promoting the product (Kotler Keller, 2011). Warranties and Guarantees iNKtopia provides a limited warranty on cartridge refills. Each refill also has an expressed guarantee create verbally on the shrink-wrap around the cartridge. This guarantees a clean, refilled, and operable ink cartridge.If a customer has any concern over the quality or condition of the cartridge it can be returned for no additional charge. In the case of a return due to error, a hardship discount will be applied to the customers next purchase. Conclusion The second part of iNKtopias marketing plan described the target market, buying behaviors, decision motivators, and organizational target markets. Second, the plan examined methods for managing the stages of the product life cycle, including tactical plans for the Four Ps at each stage. Finally, the plan expanded on the product offering from part one and provided a new positioning statement.